US: Lean hog futures bulls hoping for seasonal bottom

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Published Jan 28, 2023

Tridge summary

Lean hog futures prices this week scored a 3.5-month low and remain in a steep downtrend on the daily bar chart. Bears are in technical control. The latest CME lean hog index is down 2 cents to $72.11 (as of Jan. 23) Until the cash index signals a bottom, upside in futures will be limited. USDA’s Cold Storage Report was released Wednesday afternoon. The five-year average is a 3.2 million-lb. decline in pork stocks during the month.

Original content

The Cold Storage Report showed total frozen poultry supplies on December 31, 2022 were up 7 percent from the previous month and up 23 percent from a year ago. Total stocks of chicken were up 2 percent from the previous month and up 25 percent from last year. Total pounds of turkey in freezers were up 35 percent from last month and up 14 percent from December 31, 2021.Total red meat supplies in freezers were up 2 percent from the previous month and up 11 percent from last year. Total pounds of beef in freezers were up 4 percent from the previous month and up 7 percent from last year. Frozen pork supplies were up 1 percent from the previous month and up 16 percent from last year. Stocks of pork bellies were up 16 percent from last month and up 66 percent from last year. The US large hog slaughter levels are raising concerns about the hog population reduction reported in the December USDA Hogs & Pigs report. That report implied hog numbers and slaughter levels would average 2% under ...

Source: Thepigsite